Comcast reported strong overall results for the third quarter, with earnings per share of 79 cents and total revenue of $26.83 billion, as cable results overcame softness at NBCUniversal.
The consensus estimate of Wall Street analysts was for earnings per share of 74 cents and revenue of $26.77 billion.
The Cable Communications unit drove most of the gains, with revenue up 4% to $14.6 billion on gains in high-speed internet, business services and wireless. Broadband has increasingly been a key part of investors’ thesis about Comcast as traditional pay-TV subscriber levels decline. In the quarter, though, residential video subscriptions managed to post a slight increase, to 20,978.
Revenue at NBCUniversal dropped 3.5% to $8.3 billion. Broadcast TV was especially hard-hit, with revenue decreasing 9.1% to $2.2 billion, with World Cup broadcasts on Telemundo setting a high bar in the third quarter of 2018.
Comparisons were tough at the film studio, which saw revenue slide 6.2% to $1.7 billion. Home entertainment revenue dropped 28.5% due to a slate that included The Secret Life of Pets 2, compared with Jurassic World: Fallen Kingdom in the 2018 quarter. Theatrical revenue slipped 8.8%, reflecting the volume and strength of releases in last year’s third quarter, including Fallen Kingdom and Mamma Mia! Here We Go Again.